Inflation has hit 6.1%, and the rate of inflation on necessities is 7.6%. Bringing it down will require still higher interest rates and exquisite judgement in order to avoid a recession.
It has been decades since many countries have faced significant rises in inflation. But thanks to the invasion of Ukraine and COVID-19, we are now having to learn just what rising inflation means.
The first week of the new parliament will contain some depressing news, with Treasurer Jim Chalmers on Monday softening up the community to expect a “confronting” statement on the economy.
Soaring inflation in the US has been driven in part by large increases in the price of groceries – a burden that falls disproportionately on lower-income families.
While it seems lucrative to move to cities that offer higher salaries and better quality of life, Canadians should consider some key factors before changing jobs.
Jeffrey Fields, USC Dornsife College of Letters, Arts and Sciences
Joe Biden is set to make his first visit as president to the Middle East, during which he will meet the Saudi crown prince the US accuses of ordering the murder of a journalist.
The late 1970s marked a high point for economic equality in the UK. Returning to the progressive policies that made that possible could solve today’s cost of living crisis.
Peter Martin, Crawford School of Public Policy, Australian National University
The panel believes Australia will avoid a recession the year ahead, but is much less certain about the United States. It expects real wages to go backwards and economic growth to sink.